Biggest stock movers today: TSLA, V, DB, T, and more

Stock futures were trading lower on Wednesday after tech giants Tesla and Google exhibited mixed performance in Q2.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• AT&T’s (NYSE:T) shares climbed 4% after reporting stronger-than-expected wireless subscriber additions and maintaining its industry-leading churn rate of 0.70% in Q2. The company reaffirmed its guidance for wireless service revenue growth of 3%, broadband sales growth exceeding 7%, and capital investment between $21B and $22B. Adjusted EPS to be within the range of $2.15 to $2.25 per share, touching the $2.21 Street estimate, while free cash flow anticipated to be in the range of $17B to $18B vs. the consensus of $17.51B.
• Seagate Technology (NASDAQ:STX) stock rose 5% after reporting better-than-expected fourth-quarter results and issuing strong first-quarter guidance, with revenue projected at $2.1B and earnings per share at $1.40, surpassing analyst estimates of $2.07B and $1.16, respectively.
• Despite falling short of consensus in Q2 results, Enphase Energy (NASDAQ:ENPH) rose 5% Wednesday morning, citing sequential improvement in revenue and profits. The company expects Q3 revenue to fall between $370M and $410M vs. the consensus of $408.41M. The GAAP gross margin is anticipated to be between 45.0% and 48.0% with net IRA benefit, while the non-GAAP gross margin is expected between 47.0% and 50.0% with net IRA benefit and 39.0% to 42.0% excluding net IRA benefit.

Biggest stock losers

• Shares of EV giant Tesla (NASDAQ:TSLA) plummeted nearly 8% after reporting mixed Q2 results. Profit margins declined for the fourth consecutive quarter due to price cuts and incentives. Despite this, the company reiterated its focus on cost reduction and announced plans for new, more affordable models in early 2025.
• Deutsche Bank (NYSE:DB) shares lost 8% after its 15-quarter profit streak ended due to a 1.3B euro provision related to a Postbank lawsuit. The provision is part of a long-running lawsuit alleging Deutsche Bank underpaid to take over Postbank in 2010. The bank also confirmed that it will not make a second share buyback this year.
• Visa (NYSE:V) stock declined over 3% after reporting weaker-than-expected FQ3 revenue, with profit just meeting estimates. Pace of growth in payment volume, cross-border transactions, and processed transactions slowed compared to the previous quarter. The company expects FY2024 operating expense growth in the high single-digit to low double-digit percent, compared with its prior forecast of low double-digits, while maintaining guidance for net revenue growth in the low double-digits and annual class A common stock EPS growth of low teens percent.
• Geron (NASDAQ:GERN) shares slipped around 4% after the biopharmaceutical company said Anil Kapur, its executive vice president, corporate strategy, and chief commercial officer, will depart on Aug. 31, 2024, to pursue other interests. The company is currently searching for a new CCO, with Andrew Grethlein, EVP, COO, leading the commercial organization. The reorganization comes shortly after Geron launched its blood disorder drug, Rytelo.